A Total Loss with respect to the Aircraft shall be deemed to have occurred if a Total
Loss has occurred with respect to the Airframe. 

 1. **TERM OF LEASE**. 

 This Agreement is for both the Aircraft and the Hangar. Subject to Lessee’s execution and delivery of the Acceptance Certificate attached hereto as
Exhibit B, this Agreement will commence immediately on delivery of the Aircraft to Lessee by Lessor on January 22, 2007. The Agreement will remain in effect until the 31st day of December, 2011, unless otherwise terminated under the terms of this Agreement (the “Term”). Either Lessor or Lessee shall have the right to
terminate this Agreement at any time upon not less than ninety (90) days prior written notice; provided that such termination shall not affect either party’s obligations hereunder for any period prior to such termination including, without
limitation, any party’s maintenance obligations set forth in Section 7. 

  


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